Crude Oil Futures: downside looks unabated

Traders added around 8.3K contracts to their open interest positions on Wednesday, reversing two consecutive pullbacks. Volume, instead, prolonged the choppiness and shrunk  by around 115.3K contracts.

WTI now eyes $55.00/bbl and below

Prices of the WTI remain under heavy selling pressure and are already trading in fresh 2020 lows in sub-$56.00 levels, some $10/bbl lower than early January tops. Wednesday’s drop was on the back of rising open interest, leaving the bearish view intact for the time being and allowing for extra losses to, initially, late November low at $54.77.